Following the publication of their capital needs resulting from the comprehensive assessment conducted by the ECB’s Single Supervisory Mechanism (SSM), Greek banks released on Saturday evening their second quarter (Q2) financial results.
Eurobank became on Thursday the third Greek bank to announce a Liability Management Exercise (LME) involving a voluntary exchange offer for a total nominal value of 877 million euros in outstanding bank bonds.
Following Piraeus Bank a few days ago, Alpha Bank announced on Wednesday a voluntary exchange of 1.09 billion euros (nominal value) outstanding bonds.
Following Eurobank and Piraeus, National Bank of Greece (NBG) published on Wednesday its trading update for the second quarter (Q2), providing the evolution of the key P&L and balance sheet items, excluding those related to loan provisions, after tax earnings and capital.
Following a more detailed trading update for the second quarter (Q2) published last week, Piraeus Bank released on Monday a condensed trading update for Q3 outlining the evolution of the key balance sheet items.
Following meetings held with the Single Supervisory Mechanism (SSM) of the ECB in Frankfurt on Wednesday and Thursday, media reports indicate that Greek bankers appear more optimistic on the final outcome of the ongoing assessment noting that capital needs could be manageable.
The Asset Quality Review (AQR) that is currently being conducted by the Single Supervisory Mechanism (SSM) of the ECB along with a stress test exercise will determine the capital needs of Greek banks that are due to be published in the second half of October.
In a joint statement released by Alpha and Eurobank on Friday evening, the two banks announced the acquisition of Alpha’s branch network in Bulgaria by Eurobank’s subsidiary in Bulgaria, Postbank.
National Bank (NBG) posted net losses of 159 million euros in the first quarter (Q1) of 2015 from 1.11 billion in Q4 2014, which were entirely due to one-offs.
Alpha Bank reported lower quarter on quarter (QoQ) net losses of 115.8 million euros in the first quarter (Q1) of 2015, from 440.2 million in Q4 2014. The improving bottom-line result mainly reflects lower operating expenses and impairment losses.